Hydrogen fuel cell developer AFC Energy has raised £31.6m in capital as it moves from the development phase of its products and technology into the manufacture and commercialisation of them.
The UK company said the proceeds will go towards the multiple manufacture of its H-PowerTM fuel cell systems, which are to be deployed in the next 12-24 months in a bid to meet projected customer demand.
AFC Energy expects to build combined 20kW and 160kW units, including the 160kW H-PowerTM system for trialling by ACCIONA in 2021.
Proceeds will also go towards the development and implementation of its strategy for scaling up manufacturing and system assembly; employment of new manufacturing, product engineers and commercial staff; and delivery of its solid-state membrane fuel cell system HydroX-Cell(S)TM, for published target release date in 2022.
Adam Bond, Chief Executive of AFC Energy, told investors, “AFC Energy’s business plan is focussed on supporting aspirations for a clean and zero emission society through the use of hydrogen, and with support from our new and existing shareholders, today’s raise will further support delivery of our business plan and eventual break even position.”
“Today’s raise will enable AFC Energy for the first time to make material inroads into the scaling up of our manufacturing capability, our internal staffing and system deployment, further demonstrating the underlying strength in the company’s position within the wider hydrogen economy.”
“We also expect the raise to support our credentials in future industrial and strategic partnering which could provide the basis for a transformational underpinning of the business today and into the future.”
